Wells Fargo expands mobile banking service

Financial services company Wells Fargo is expanding its mobile deposit service nationwide (view press release). The Wells Fargo Mobile Deposit service allows customers to deposit cheques into their eligible Wells Fargo accounts by taking pictures of the front and back of the cheque using an iPhone or Android device. The initial launch, from June-October 2012 saw customers deposit more than 600,000 cheques using Wells Fargo Mobile Deposit, across 15 states.

To make a deposit, customers choose the eligible consumer or business account where they want to deposit their cheque, enter the amount, and use their mobile device to take a picture of the front and back of the endorsed cheque. Once the deposit is submitted, Wells Fargo sends a confirmation message. Cheque images and customer credentials are not stored on the mobile device and advance encryption and security technology is used to mask sensitive information.

Brian Pearce, senior vice president, head of the Retail Mobile Channel, Digital Channels Group, Wells Fargo said: “The exponential growth of mobile banking is fuelling the thirst for more futuristic, easy-to-use applications such as mobile deposit. Mobile deposit is a very popular service among our customer base. Customers love the added convenience of depositing cheques while on the go.”

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